Insurance and Risk Management

Author - Gupta, P.K.

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Book Language : English

Book Format : Paperback

Publisher : Himalaya Publishing House

ISBN No. : 978-93-5051-667-6

Book Edition : 2018

No. of Pages : 850


Insurance is now fast growing area of academic study or profession. The recent financial crisis has witnessed the indispensable need of professionals in the area of risk management. Due to the complexity of the dynamic environment, new insurance products are evolving as well as the existing business models of insurance companies are undergoing significant change. After liberalisation of the economy, large numbers of alternative products and financial services have evolved that paved the way for the potential and unconventional entrants to penetrate the financial market through innovative higher product profile and portfolios, resulting into a sudden spurt in the demand of insurance professionals. The study of insurance as an academic discipline in new form is an obvious outcome. More and more academic institutions all over the countries are offering highly specialised insurance programmes to cater to this demand. The book is organised from a combination of three perspectives − (a) insurance and risk management (b) insurance classes and products and (c) managerial aspects in insurance business. Part I introduces the concept of risk management to the readers. Chapter 1 conceptualises the risk definitions, classes of risk and the methods of handling risk. Chapter 2 attempts to provide an overall view of the risk management and control systems. Chapter 3 has been deliberately included to apprise the readers about the distinct approaches to risk management i.e. individual approach and the organisational approach popularly titled as Enterprise Wide Risk Management. Part II introduces insurance as a risk-mitigating device. Chapter 4, 5 and 6 respectively deal with the insurance terminologies and concepts and how risk is mitigated via insurance markets principles underlying insurance contracts and the mathematical theory. Part III explores the insurance business environment in India. It has been divided into two sections Section I deals with legal environment covering the various insurance laws and enactments concerning insurance business. Section II deals with economic and financial environment covering the historical evolution of insurance, the privatisation of the insurance sector and insurance industry facts, accounting and taxation aspects and global picture of insurance


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